Mark Carney + Business | The Guardianhttp://www.theguardian.com/business/mark-carney+business
Indexen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2015Tue, 03 Mar 2015 20:58:43 GMT2015-03-03T20:58:43Zen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2015The Guardianhttp://assets.guim.co.uk/images/guardian-logo-rss.c45beb1bafa34b347ac333af2e6fe23f.pnghttp://www.theguardian.com
Bank of England flags up 50 potential cases of market rigginghttp://www.theguardian.com/business/2015/mar/03/bank-of-england-flags-up-50-potential-cases-of-market-rigging
<p>Mark Carney says 42 cases have been sent to FCA following forex-rigging scandal and new Bank policies for staff to raise suspicions</p><p>Bank of England governor Mark Carney has said 50 cases of potential market abuse have been uncovered following the foreign exchange-rigging scandal that led to the Bank’s own chief currency dealer being fired last year.</p><p>The cases have come to light since March 2014 when the Bank launched an investigation into its own role in the scandal involving the manipulation of the &pound;3.5tn-a-day foreign exchange markets. </p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2015/mar/03/bank-of-england-foreign-exchange-investigation-too-narrow-says-mp">Bank of England foreign exchange investigation too narrow, says MP</a> </p> <a href="http://www.theguardian.com/business/2015/mar/03/bank-of-england-flags-up-50-potential-cases-of-market-rigging">Continue reading...</a>Bank of EnglandEconomicsMark CarneyBusinessFinancial Conduct AuthorityFinancial sectorRegulatorsTue, 03 Mar 2015 19:18:20 GMThttp://www.theguardian.com/business/2015/mar/03/bank-of-england-flags-up-50-potential-cases-of-market-riggingPhotograph: Graham Turner/GuardianCity workers outside the Bank of England building on Threadneedle Street in the City of London. The Bank has flagged up 50 suspicious cases of potential market abuse.Photograph: Graham Turner/GuardianCity workers outside the Bank of England building on Threadneedle Street in the City of London. The Bank has flagged up 50 suspicious cases of potential market abuse.Angela Monaghan2015-03-03T19:18:20ZBank of England foreign exchange investigation too narrow, says MPhttp://www.theguardian.com/business/2015/mar/03/bank-of-england-foreign-exchange-investigation-too-narrow-says-mp
<p>Jesse Norman commissions report into review by Anthony Grabiner QC, claiming it set very low tests for an inquiry into the scandal</p><p>The Bank of England has come under attack for failing to properly investigate its role in the rigging of foreign exchange markets.</p><p><a href="http://www.jesse4hereford.com/pdf/Opinion_Grabiner_Report_BoE_Forex.pdf">In a report commissioned by Jesse Norman</a>, the Conservative MP and a member of the Treasury select committee, a leading British barrister said the Bank set very low tests for its inquiry into the scandal.</p><p>I have commissioned an opinion from Charles Bear QC pro bono into the <a href="https://twitter.com/bankofengland">@bankofengland</a> Grabiner Inquiry. Strong stuff. <a href="http://t.co/QbAk86bj3W">http://t.co/QbAk86bj3W</a></p> <a href="http://www.theguardian.com/business/2015/mar/03/bank-of-england-foreign-exchange-investigation-too-narrow-says-mp">Continue reading...</a>Bank of EnglandMark CarneyBankingFinancial sectorBusinessEconomicsCurrenciesUK newsTue, 03 Mar 2015 09:02:39 GMThttp://www.theguardian.com/business/2015/mar/03/bank-of-england-foreign-exchange-investigation-too-narrow-says-mpPhotograph: Yuya Shino/ReutersJapanese yen and the US dollar exchange rates. Bank of England officials are to face MPs on Tuesday.Photograph: Yuya Shino/ReutersJapanese yen and the US dollar exchange rates. Bank of England officials are to face MPs on Tuesday.Angela Monaghan2015-03-03T09:02:39ZBank of England: Britons should not fear rise in interest rateshttp://www.theguardian.com/money/2015/feb/24/britons-should-not-fear-rise-in-interest-rates-when-they-come-says-boe-member
<p>Rate-setter Kristin Forbes says rise in borrowing costs is inevitable if signs of asset bubbles emerge or household debt rises sharply</p><p>The Bank of England is prepared to raise interest rates “in the near future” if inflation picks up, one of its senior policymakers has warned.</p><p>Kristin Forbes, a member of the Bank’s rate-setting monetary policy committee (MPC), said a rise in borrowing costs would also be necessary should signs of asset bubbles emerge or household debt reaches unhealthy levels.</p> <a href="http://www.theguardian.com/money/2015/feb/24/britons-should-not-fear-rise-in-interest-rates-when-they-come-says-boe-member">Continue reading...</a>Interest ratesBorrowing & debtBusinessBank of EnglandInflationEconomicsEconomic growth (GDP)Economic policyEconomic recoveryOilMark CarneyCommoditiesTue, 24 Feb 2015 10:31:18 GMThttp://www.theguardian.com/money/2015/feb/24/britons-should-not-fear-rise-in-interest-rates-when-they-come-says-boe-memberPhotograph: Anthony Devlin/PARate-setting committee member Kristin Forbes says Bank will raise rates quickly when needed.Angela Monaghan2015-02-24T10:31:18ZFears over deflation thwarted Bank of England vote to raise interest ratehttp://www.theguardian.com/business/2015/feb/15/martin-weale-interest-rates-back-down-back-of-england
Falling oil prices driving inflation down to 0.5% in January, forced Martin Weale and Ian McCafferty to back down<p>Fears that Britain could sink into a damaging “deflationary spiral” have stayed the hands of Bank of England policymakers who had pushed for an early interest rate rise, monetary policy committee member Martin Weale has revealed.</p><p>Weale was one of two MPC members who had consistently voted for higher borrowing costs from August last year, as the economy recovered. But after falling oil prices drove inflation down to 0.5% in January, Weale and his fellow anti-inflation “hawk”, Ian McCafferty, backed down and agreed that rates should remain at their record low of 0.5%.</p> <a href="http://www.theguardian.com/business/2015/feb/15/martin-weale-interest-rates-back-down-back-of-england">Continue reading...</a>Interest ratesMark CarneyBusinessBank of EnglandEconomicsUK newsMortgagesPropertyMoneyGeorge OsbornePoliticsSun, 15 Feb 2015 09:05:08 GMThttp://www.theguardian.com/business/2015/feb/15/martin-weale-interest-rates-back-down-back-of-englandPhotograph: Anthony Devlin/PAMark Carney was forced to write a letter to George Osborne explaining why the Bank had allowed inflation to drop to more than 1 percentage point below the Bank’s 2% target. Photograph: Anthony Devlin/PAPhotograph: Anthony Devlin/PAMark Carney was forced to write a letter to George Osborne explaining why the Bank had allowed inflation to drop to more than 1 percentage point below the Bank’s 2% target. Photograph: Anthony Devlin/PAHeather Stewart, economics editor2015-02-15T09:05:08ZWill below-zero inflation lead the Bank to start tightening policy?http://www.theguardian.com/business/economics-blog/2015/feb/12/will-below-zero-inflation-bank-start-tightening-policy
<p>Prospect of quantitative easing or negative interest rates are remote, given the forecasts for earnings and growth <br></p><p>Inflation below zero. The biggest increase in real take-home pay in a decade. Falling unemployment. Borrowing costs at or close to record lows. <a href="http://www.theguardian.com/business/2015/feb/12/bank-of-england-warning-over-impending-interest-rate-rise">The Bank of England forecasts</a> suggest that the UK economy will hit a sweet spot in 2015.</p><p>Perhaps a bit too sweet. The last time there was a combination of crashing oil prices, easy monetary policy and a well-entrenched recovery was the mid-1980s and that ended with a colossal consumer and housing boom, followed by an equally colossal crash.</p> <a href="http://www.theguardian.com/business/economics-blog/2015/feb/12/will-below-zero-inflation-bank-start-tightening-policy">Continue reading...</a>InflationBank of EnglandBusinessQuantitative easingUK newsMark CarneyInterest ratesEconomicsThu, 12 Feb 2015 14:35:13 GMThttp://www.theguardian.com/business/economics-blog/2015/feb/12/will-below-zero-inflation-bank-start-tightening-policyPhotograph: Oli Scarff/Getty ImagesFalling unemployment has contributed to a positive forecast for the UK economy this year.Photograph: Oli Scarff/Getty ImagesFalling unemployment has contributed to a positive forecast for the UK economy this year.Larry Elliott2015-02-12T14:35:13ZUK sliding towards first bout of negative inflation in 55 yearshttp://www.theguardian.com/business/2015/feb/12/bank-of-england-warning-over-impending-interest-rate-rise
<p>Bank of England governor says strong growth should avert threat of deflationary spiral, but public should prepare for interest rate rise earlier than expected</p><p>Britain is sliding towards its first bout of negative inflation in more than half a century, the Bank of England has said, but strong economic growth should stave off the threat of a deflationary spiral.</p><p>The slump in oil prices and falling food prices is likely to push inflation to zero in the second and third quarters of 2015, probably dipping into negative territory for one or two months this spring, the Bank said in its February inflation report.</p><p> <span>Related: </span><a href="http://www.theguardian.com/business/economics-blog/2015/feb/12/will-below-zero-inflation-bank-start-tightening-policy">Will below-zero inflation lead the Bank to start tightening policy?</a> </p> <a href="http://www.theguardian.com/business/2015/feb/12/bank-of-england-warning-over-impending-interest-rate-rise">Continue reading...</a>BusinessInflationInterest ratesEconomicsBank of EnglandMark CarneyOilDeflationCommoditiesUK newsThu, 12 Feb 2015 11:19:01 GMThttp://www.theguardian.com/business/2015/feb/12/bank-of-england-warning-over-impending-interest-rate-risePhotograph: Anthony Devlin/PAUK inflation was 0.5% in December, well below the Bank of England’s 2% target.Photograph: Anthony Devlin/PAUK inflation was 0.5% in December, well below the Bank of England’s 2% target.Angela Monaghan and Larry Elliott2015-02-12T11:19:01ZUK heading for negative inflation, Bank of England expected to warnhttp://www.theguardian.com/business/2015/feb/12/uk-heading-deflation-bank-of-england-
<p>Inflation, which fell to 0.5% in December, expected to turn negative in coming months, as Bank prepares to cut forecasts in quarterly report <br></p><p>Britain will slip into deflation for the first time in more than half a century, the Bank of England is expected to say on Thursday, as the slump in oil prices further impacts the economy. </p><p><a href="http://www.theguardian.com/business/2015/jan/13/uk-inflation-falls-14-year-low-half-a-percent">Inflation fell to 0.5% in December</a> and is expected to turn negative in the coming months as a result of falling petrol and food prices.</p> <a href="http://www.theguardian.com/business/2015/feb/12/uk-heading-deflation-bank-of-england-">Continue reading...</a>EconomicsBusinessBank of EnglandInflationDeflationInterest ratesMark CarneyOilUK newsThu, 12 Feb 2015 09:25:18 GMThttp://www.theguardian.com/business/2015/feb/12/uk-heading-deflation-bank-of-england-Photograph: PAThe Bank of England governor, Mark Carney, is expected to say that falling prices in Britain reflect external factors.Photograph: PAThe Bank of England governor, Mark Carney, is expected to say that falling prices in Britain reflect external factors.Angela Monaghan2015-02-12T09:25:18ZEurozone stalled by the toxic politics of the current climatehttp://www.theguardian.com/business/nils-pratley-on-finance/2015/jan/28/mark-carney-eurozone-mess-prescription-toxic-politics
<p>Mark Carney’s prescription of how to deal with the euro mess may take another lost decade <br></p><p>In a speech that delicately avoided mention of Greece or Germany, Mark Carney summed up what is wrong with the eurozone: it is in a debt trap and escape is only possible if its members start sharing some risks.</p><p>The governor of the Bank of England is surely correct on the facts. Low growth is adding to the debt burden. Fear of stagnation is holding back investment. Quantitative easing, though welcome, can’t eliminate risks. Too many countries are trying to improve their competitiveness against each other, doing little to improve aggregate demand.</p> <a href="http://www.theguardian.com/business/nils-pratley-on-finance/2015/jan/28/mark-carney-eurozone-mess-prescription-toxic-politics">Continue reading...</a>Mark CarneyBusinessBank of EnglandEuroEuropean UnionEuropean monetary unionEconomicsCurrenciesEuropean Central BankEuropeGreeceWorld newsLloyds Banking GroupBankingStandard CharteredWed, 28 Jan 2015 20:11:45 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2015/jan/28/mark-carney-eurozone-mess-prescription-toxic-politicsPhotograph: AP‘It is difficult to avoid the conclusion that, if the eurozone were a country, fiscal policy would be substantially more supportive,’ said Mark Carney. Photograph: APPhotograph: AP‘It is difficult to avoid the conclusion that, if the eurozone were a country, fiscal policy would be substantially more supportive,’ said Mark Carney. Photograph: APNils Pratley2015-01-28T20:11:45ZBank of England governor attacks eurozone austerityhttp://www.theguardian.com/business/2015/jan/28/bank-england-governor-attacks-eurozone-austerity
Mark Carney says eurozone is caught in a debt trap and should ease hardline budget cuts just days after the Syriza election directly challenged policy<p>The Bank of England governor, Mark Carney, has launched a strong attack on austerity in the eurozone as he warned that he single-currency area was caught in a debt trap that could cost it a second lost decade.</p><p>Speaking in Dublin, Carney said the eurozone needed to ease its hardline budgetary policies and make rapid progress towards a fiscal union that would transfer resources from rich to poor countries.</p><p> <span>Related: </span><a href="http://www.theguardian.com/business/nils-pratley-on-finance/2015/jan/28/mark-carney-eurozone-mess-prescription-toxic-politics">Eurozone stalled by the toxic politics of the current climate</a> </p> <a href="http://www.theguardian.com/business/2015/jan/28/bank-england-governor-attacks-eurozone-austerity">Continue reading...</a>Mark CarneyAusterityBusinessBank of EnglandEurozone crisisWorld newsEuropean UnionEuropean monetary unionEconomicsBankingEuropean banksFinancial crisisFinancial sectorEuroEuropeQuantitative easingInterest ratesWed, 28 Jan 2015 18:52:03 GMThttp://www.theguardian.com/business/2015/jan/28/bank-england-governor-attacks-eurozone-austerityPhotograph: Andy Rain/EPABank of England Governor Mark Carney has attacked eurozone austerity.Photograph: Andy Rain/EPABank of England Governor Mark Carney has attacked eurozone austerity.Larry Elliott, economics editor2015-01-28T18:52:03ZInterest rates could rise sooner than thought, says Bank of England rate-setterhttp://www.theguardian.com/business/2015/jan/26/interest-rates-rise-sooner-warns-bank-england-rate-setters
<p>MPC member Kristin Forbes outlines scenario pushing inflation above 2.0% in 2016 which would force bank to raise interest rates</p><p>Interest rates in the UK could rise sooner than markets expect, a top Bank of England policymaker has said.</p><p>Traders have pushed back expectations of interest rates rising from a record low of 0.5% because inflation has come down sharply in recent months. A hike is not priced in until halfway through next year.</p> <a href="http://www.theguardian.com/business/2015/jan/26/interest-rates-rise-sooner-warns-bank-england-rate-setters">Continue reading...</a>Interest ratesInflationEconomicsBusinessDeflationBank of EnglandMark CarneyEconomic policyPoliticsMon, 26 Jan 2015 12:00:16 GMThttp://www.theguardian.com/business/2015/jan/26/interest-rates-rise-sooner-warns-bank-england-rate-settersPhotograph: Lensi Photography/Demotix/CorbisThe fall in petrol prices has cut UK inflation to 0.5%.Photograph: Lensi Photography/Demotix/CorbisThe fall in petrol prices has cut UK inflation to 0.5%.Katie Allen2015-01-26T12:00:16ZBank of England governor warns ECB over quantitative easing riskshttp://www.theguardian.com/business/2015/jan/24/mark-carney-davos-warns-risk-quantitative-easing
Mark Carney welcomes European Central Bank’s radical stimulus package, but warns it could disrupt financial markets<p>Mark Carney gave strong backing to the European Central Bank’s radical stimulus but warned it could disrupt the financial markets.</p><p>The governor of the Bank of England told the last day of the Davos meeting of the World Economic Forum that he could receive daily risk positions of the banks to monitor any stresses in the system as he admitted persistently low interest rate environments could cause investors to take risks.</p> <a href="http://www.theguardian.com/business/2015/jan/24/mark-carney-davos-warns-risk-quantitative-easing">Continue reading...</a>Mark CarneyBusinessBank of EnglandDavos 2015DavosEuropean Central BankWorld newsEuropean UnionEuropean monetary unionEconomicsEuropeUK newsBanking reformBankingFinancial sectorSat, 24 Jan 2015 23:45:51 GMThttp://www.theguardian.com/business/2015/jan/24/mark-carney-davos-warns-risk-quantitative-easingPhotograph: Fabrice Coffrini/AFP/Getty ImagesMark Carney has warned that in an environment of low interest rates and quantative easing there can be excessive risk-taking. Photograph: Fabrice Coffrini/AFP/Getty ImagesPhotograph: Fabrice Coffrini/AFP/Getty ImagesMark Carney has warned that in an environment of low interest rates and quantative easing there can be excessive risk-taking. Photograph: Fabrice Coffrini/AFP/Getty ImagesLarry Elliott and Jill Treanor in Davos2015-01-24T23:45:51ZMark Carney warns ECB QE could fuel risk-taking - Davos 2015 livehttp://www.theguardian.com/business/live/2015/jan/24/davos-2015-day-four-live
<p>Highlights of the final day of the World Economic Forum in Davos, including a debate on the global economic outlook this afternoon</p><ul><li><a href="http://www.theguardian.com/business/live/2015/jan/24/davos-2015-day-four-live#block-54c39a47e4b02656194834c4">Carney: Investors mustn’t be reckless</a></li><li><a href="http://www.theguardian.com/business/live/2015/jan/24/davos-2015-day-four-live#block-54c39e50e4b074fbabe7bfc6">IMF: Japan must reform faster</a></li><li><a href="http://www.theguardian.com/business/live/2015/jan/24/davos-2015-day-four-live#block-54c395cde4b074fbabe7bfc0">Watch the debate live here</a></li><li><a href="http://www.theguardian.com/business/live/2015/jan/24/davos-2015-day-four-live#block-54c39098e4b074fbabe7bfbe">Octopus for lunch</a></li><li><a href="http://www.theguardian.com/business/live/2015/jan/24/davos-2015-day-four-live#block-54c385d9e4b03a9bdfa80596">Nobel Prize winner warns Davos of dangers of climate change</a></li><li><a href="http://www.theguardian.com/business/live/2015/jan/24/davos-2015-day-four-live#block-54c35833e4b0bff06d866043">Larry Elliott on Davos Groupthink</a><br></li></ul><p class="block-time published-time"> <time datetime="2015-01-24T19:02:52.732Z">7.02pm <span class="timezone">GMT</span></time> </p><p>And that’s all for our Davos coverage this year (sorry for the radio silence, we had to leave the conference centre in a hurry to get the train home).</p><p>So goodnight from Zurich airport (with its excellent Wi-Fi, pizza and weissbier), and thanks for your company this week. <strong>GW, JT </strong>and<strong> LE.</strong></p><p class="block-time published-time"> <time datetime="2015-01-24T18:41:14.224Z">6.41pm <span class="timezone">GMT</span></time> </p><p>This afternoon’s session on the Global Financial Outlook failed the gender balance test, alas:</p><p class="block-time published-time"> <time datetime="2015-01-24T14:20:33.923Z">2.20pm <span class="timezone">GMT</span></time> </p><p><strong>Elsewhere in Davos....Sir John Sawers, chief of M16 until last year, has appeared on a panel at Davos to talk about the future of intelligence agencies.</strong></p><p>Jill Treanor writes:</p><p>Sawers said the way technology companies reacted to the criticism which followed the Snowden leaks has led to reduction in corporation with the security services and added to the threat posed to society.</p><p>He told the audience in Davos the securities agencies performed a “public good” and insisted that friend-on-friend collection of the kind exposed by Snowdon was a “very small proportion” of the surveillance conducted by the agencies.</p><p class="block-time published-time"> <time datetime="2015-01-24T14:17:59.116Z">2.17pm <span class="timezone">GMT</span></time> </p><p><strong>The panel is wrapping up now. Nothing sensational, but I suspect Mark Carney’s comments about QE fuelling risk-taking, inflation coming back to target, and cheap oil helping growth will all make some headlines. Or at least a few more tweets.</strong></p><p class="block-time published-time"> <time datetime="2015-01-24T14:15:27.184Z">2.15pm <span class="timezone">GMT</span></time> </p><p><strong>The panel now moves onto technological issues, and the impact that innovation is having on the financial sector.</strong></p><p>Mark Carney says that we must avoid an Uber-style situation in the financial systems.</p><p>If technology is going to displace lots of jobs, impact will be most immediate on US, UK, due to flexible labour markets, says Carney <a href="https://twitter.com/hashtag/WEF?src=hash">#WEF</a></p><p class="block-time published-time"> <time datetime="2015-01-24T14:10:05.695Z">2.10pm <span class="timezone">GMT</span></time> </p><p>Heads-up, UK readers. Mark Carney just told Davos two significant things about UK monetary policy and future interest rate rises.</p><p>We currently have very low inflation in the UK (<a href="http://www.theguardian.com/business/2015/jan/13/uk-inflation-falls-14-year-low-half-a-percent">just 0.5%</a>).</p><p>We have the will and responsibility to look through this period of low inflation, and we will get inflation back to target in the forecast horizon.</p><p>&quot;We will return inflation back to the 2% target&quot; says Mark Carney, adding &quot;it's not lost on us that wages are rising.&quot; Remember rate rises?</p><p class="block-time published-time"> <time datetime="2015-01-24T14:03:41.777Z">2.03pm <span class="timezone">GMT</span></time> </p><p>Kuroda says he’s fully confident about the US economy, given how broad-based its growth is.</p><p class="block-time published-time"> <time datetime="2015-01-24T14:02:47.945Z">2.02pm <span class="timezone">GMT</span></time> </p><p>We’ve not heard much about the US yet, says moderator Larry Fink. That minor colony.</p><p>We’ll have it back, Mark Carney jokes.</p><p class="block-time published-time"> <time datetime="2015-01-24T13:59:49.490Z">1.59pm <span class="timezone">GMT</span></time> </p><p class="block-time published-time"> <time datetime="2015-01-24T13:58:49.480Z">1.58pm <span class="timezone">GMT</span></time> </p><p>Mark Carney also cites the adjustment in the energy markets that we have all seen.</p><p>He says:<strong> it is realistic to expect....that oil is lower for longer. Given where cash costs actually are across the globe and given where demand is likely to b</strong>e.<br /></p><p>That creates an opportunity that is considerable and possible undervalued for the global economy.</p><p class="block-time published-time"> <time datetime="2015-01-24T13:53:21.217Z">1.53pm <span class="timezone">GMT</span></time> </p><p><strong>Mark Carney says he is cautiously optimistic about global economic prospects this year - if the IMF is right that the world GDP will increase by 3.5%.</strong></p><p>He cites the prospect of a rise in US interests as a crucial factor (assuming it happens).<br /></p><p>The increased diverge in monetary policy will lead to a benign increase in volatility and will test capital flows across the global economy, including to emerging economy.... And it will test the strength of the financial system.</p><p class="block-time published-time"> <time datetime="2015-01-24T13:47:30.724Z">1.47pm <span class="timezone">GMT</span></time> </p><p><strong>In a hundred years time, when we return to this podium, we probably will not remember this financial crisis, as it is just one among many, argues the IMF’s Min Zhu.</strong></p><p>But this will remember that this is the year that emerging markets take half of the global GDP.</p><p class="block-time published-time"> <time datetime="2015-01-24T13:43:47.764Z">1.43pm <span class="timezone">GMT</span></time> </p><p>Via Twitter, a quick summary of Mark Carney’s comments (<a href="http://www.theguardian.com/business/live/2015/jan/24/davos-2015-day-four-live#block-54c39a47e4b02656194834c4">full details here</a>)</p><p>In an environment of low interests rates and QE there can be excessive risk taking: Mark J. Carney <a href="https://twitter.com/hashtag/wef15?src=hash">#wef15</a> <a href="http://t.co/6jbHqsxbfe">http://t.co/6jbHqsxbfe</a></p><p>Mark Carney welcomes ECB move but warns against reckless risk taking <a href="https://twitter.com/hashtag/wef15?src=hash">#wef15</a></p><p><a href="https://twitter.com/hashtag/Davos2015?src=hash">#Davos2015</a> <a href="https://twitter.com/hashtag/wef15?src=hash">#wef15</a> Carney: all monetary policy has distributional consequences. But biggest risk is that people remain unemployed too long</p><p class="block-time published-time"> <time datetime="2015-01-24T13:37:52.074Z">1.37pm <span class="timezone">GMT</span></time> </p><p>Kurodo also agrees that Japan needs to have its deficit in hand, given its huge national debt pile.</p><p>Haruhiko Kuroda: it's &quot;quite necessary&quot; to get rid of Japanese govt debt by 2020 - we'll have a real plan soon <a href="https://twitter.com/hashtag/wef15?src=hash">#wef15</a> <a href="https://twitter.com/hashtag/Davos2015?src=hash">#Davos2015</a></p><p class="block-time published-time"> <time datetime="2015-01-24T13:37:06.570Z">1.37pm <span class="timezone">GMT</span></time> </p><p><strong>Kuroda also insists that Japan is making pretty good progress in implementing Prime minister Shinzo Abe’s third arrow, of structural reforms.</strong></p><p>He cites progress in getting more women into work, new laws to increase competitiveness are coming. We hope people are slightly more patient.</p><p>I think there is a good window for Japan to firmly implement structural reforms. I think the Japanese should not be that patient.</p><p>The higher female participation rate in Japanese labor market is 'really important' sign of structural reform in Japan, says Kuroda <a href="https://twitter.com/hashtag/WEF?src=hash">#WEF</a></p><p class="block-time published-time"> <time datetime="2015-01-24T13:29:44.243Z">1.29pm <span class="timezone">GMT</span></time> </p><p><strong>Governor Haruhiko Kuroda of the Bank of Japan says delegates have been too gloomy this year.</strong></p><p>He welcomes the ECB’s new asset-purchase scheme, and also points to the drop in the oil price. Together they could “greatly improve global economic outlook”</p><p><a href="https://twitter.com/hashtag/davos2015?src=hash">#davos2015</a> <a href="https://twitter.com/hashtag/wef15?src=hash">#wef15</a> Japan's Kuroda calls the mood in Davos too pessimistic, citing ECB QE and lower oil prices as reasons for more upbeat view</p><p class="block-time published-time"> <time datetime="2015-01-24T13:26:46.137Z">1.26pm <span class="timezone">GMT</span></time> </p><p>Britain has been in a race against time to strengthen the economy before people become trapped in unemployment permanently, Mark Carney says.</p><p>He says the job is going well, citing the jump in employment over the last couple of years. Isn’t that the Chancellor’s trumpet he’s tooting?</p><p>&quot;We have created 600k jobs&quot; says Carney on Davos panel, apparently claiming credit. I wonder how Osborne feels about that ...</p><p class="block-time published-time"> <time datetime="2015-01-24T13:24:23.500Z">1.24pm <span class="timezone">GMT</span></time> </p><p>Mark Carney: all monetary policy has distributional consequences. Low interest rates good for borrowers, affects savers <a href="https://twitter.com/hashtag/wef15?src=hash">#wef15</a></p><p class="block-time published-time"> <time datetime="2015-01-24T13:22:53.240Z">1.22pm <span class="timezone">GMT</span></time> </p><p>Mark Carney points out that monetary policy always has an impact on the way income is distributed. </p><p>&quot;Monetary policy always has distribution effects&quot; BoE gov Mark Carney tells <a href="https://twitter.com/wef">@wef</a> panel at <a href="https://twitter.com/hashtag/davos2015?src=hash">#davos2015</a></p><p class="block-time published-time"> <time datetime="2015-01-24T13:21:39.470Z">1.21pm <span class="timezone">GMT</span></time> </p><p>We will be tougher regulating banks in future, says Coeur&eacute;.</p><p>And he cites the need to tackle unemployment, particularly among young people, in Europe.</p><p class="block-time published-time"> <time datetime="2015-01-24T13:19:44.865Z">1.19pm <span class="timezone">GMT</span></time> </p><p>Next question to Mark Carney - <em>will the ECB’s new QE programme fuel financial instability?</em></p><p>The Bank of England governor welcomes the ECB’s move, but warns that it might cause more risk taking.</p><p class="block-time published-time"> <time datetime="2015-01-24T13:11:11.902Z">1.11pm <span class="timezone">GMT</span></time> </p><p>First question goes to the ECB’s <strong>Beno&icirc;t Coeur&eacute;,</strong> just two days after the new Quantitative Easing programme was announced.</p><p>Its been a pretty momentous week, <strong>Coeur&eacute; </strong>smiles. It was clear that we had to do something about inflation.</p><p class="block-time published-time"> <time datetime="2015-01-24T13:07:26.964Z">1.07pm <span class="timezone">GMT</span></time> </p><p><strong>Lawrence Fink</strong> is introducing the panel, and reminding them that a year ago this panel didn’t talk about ISIS, or Ukraine, or Oil. And the feeling of the panel was quite optimistic.</p><p>I hope we’ll do better this time, Fink adds.</p><p class="block-time published-time"> <time datetime="2015-01-24T13:06:17.449Z">1.06pm <span class="timezone">GMT</span></time> </p><p>And we’re off.. </p><p>Panel with Mark Carney on global economy about to start <a href="http://t.co/0izHOzp0h9">pic.twitter.com/0izHOzp0h9</a></p><p class="block-time published-time"> <time datetime="2015-01-24T13:00:31.753Z">1.00pm <span class="timezone">GMT</span></time> </p><p><strong>Bells are ringing across the conference hall - it’s nearly time for the session on the Global Economic Outlook.</strong></p><p>On the panel....Bank of England governor <strong>Mark Carney</strong>, his Japanese counterpart <strong>Haruhiko Kuroda</strong>, IMF deputy managing director <strong>Min Zhu</strong>, the ECB’s <strong>Beno&icirc;t Coeur&eacute;</strong> and Brazil’s finance minister <strong>Joaquim Levy</strong>.</p><p class="block-time published-time"> <time datetime="2015-01-24T12:59:37.973Z">12.59pm <span class="timezone">GMT</span></time> </p><p><strong>The Telegraph’s Ambrose Evans Pritchard </strong>has collared some of the experts on the Davos cybersecurity panel, and found little time for David Cameron’s push to let security services access encrypted data.</p><p><strong><a href="http://www.telegraph.co.uk/finance/financetopics/davos/11364516/Davos-2015-live.html">He writes:</a></strong></p><p>President Toomas Hendrik Ilves of Estonia, a cyber-expert whose country was subjected to a crippling attack for 24 hours in 2007, said Mr Cameron’s plan is pointless unless it is part of a co-ordinated global push by all the main powers. “It is not going to make any difference if Britain does it alone,” he told the Telegraph.</p><p>The path to Hell starts at the back-door. It compromises protection for everybody on everything.</p><p class="block-time published-time"> <time datetime="2015-01-24T12:43:55.998Z">12.43pm <span class="timezone">GMT</span></time> </p><p><strong>It’s lunchtime at Davos, ahead of the big afternoon session on the state of the global economy.</strong></p><p class="block-time published-time"> <time datetime="2015-01-24T12:29:54.915Z">12.29pm <span class="timezone">GMT</span></time> </p><p class="block-time published-time"> <time datetime="2015-01-24T12:28:16.418Z">12.28pm <span class="timezone">GMT</span></time> </p><p>There are still police officers manning the entrances of the World Economic Forum today:</p><p class="block-time published-time"> <time datetime="2015-01-24T12:10:09.873Z">12.10pm <span class="timezone">GMT</span></time> </p><p>Some of the world’s top scientists have been talking at Davos today, explaining their challenges and goals.<br /></p><p><strong>Professor Mario Molina</strong>, who <a href="http://www.nobelprize.org/nobel_prizes/chemistry/laureates/1995/molina-facts.html">won the Nobel Prize for his work on the damage that CFCs cause to the ozone layer</a>, warned that scientists must do more to help the public understand the threat of climate change.</p><p>“We in science are doing a lousy job in communicating the extent of the risks we are facing.”</p><p>Congress needs to work towards a planetary solution - need to impose price on emissions: M Molina <a href="https://twitter.com/hashtag/wef?src=hash">#wef</a> <a href="http://t.co/WLYTRx8WhG">http://t.co/WLYTRx8WhG</a></p><p>Many scientists in the past believed ozone layer depletion was natural phenomenon: Mario Molina <a href="https://twitter.com/hashtag/climatechange?src=hash">#climatechange</a> <a href="https://twitter.com/hashtag/wef15?src=hash">#wef15</a> <a href="http://t.co/oKK26NsJdV">http://t.co/oKK26NsJdV</a></p><p>Science is this great tool for predicting knowledge, but it’s not guaranteed to come up with solutions fast enough.</p><p>“Scientific research works on a longer cycle than the election cycle....We have to fight for the money from the people who don’t get the benefits.” </p><p class="block-time published-time"> <time datetime="2015-01-24T11:43:00.721Z">11.43am <span class="timezone">GMT</span></time> </p><p>RT <a href="https://twitter.com/flahertyrob">@flahertyrob</a>: Melinda French Gates <a href="https://twitter.com/wef">@wef</a> The lives of the poor will change more in the next 15 years than in all... <a href="http://t.co/ru9P9Cfwb5">pic.twitter.com/ru9P9Cfwb5</a></p><p class="block-time published-time"> <time datetime="2015-01-24T10:51:51.047Z">10.51am <span class="timezone">GMT</span></time> </p><p><strong>Unilever chief executive Paul Polman is also banging the drum for gender equality today, alongside Melinda Gates.</strong></p><p>He’s making some unarguable points, that companies simply have no excuse for not treating women completely fairly, especially if they want to perform well:<br /></p><p><a href="https://twitter.com/Unilever">@Unilever</a> Polman women bring purpose, partnership and long view to biz to any Organization <a href="https://twitter.com/hashtag/wef15?src=hash">#wef15</a> <a href="https://twitter.com/hashtag/gendergap?src=hash">#gendergap</a></p><p><a href="https://twitter.com/Unilever">@Unilever</a> CEO Polman you cannot be a high performance biz without being fair and equal <a href="https://twitter.com/hashtag/gendergap?src=hash">#gendergap</a>.</p><p>&quot;Anybody with a decent set of brains can figure out it's better to include 100% of the population than 50%&quot; -Paul Polman <a href="https://twitter.com/wef">@wef</a> <a href="https://twitter.com/hashtag/Davos2015?src=hash">#Davos2015</a></p><p class="block-time published-time"> <time datetime="2015-01-24T10:47:24.287Z">10.47am <span class="timezone">GMT</span></time> </p><p><strong>The results are in.....</strong></p><p>Many delegates have been trotting around Davos with Fitbits on their wrist; they’re from Swiss bank UBS, which promised to buy African schoolkids bicycles if delegates walked at least 6km on average.</p><p>So, while at Davos, Larry Elliott has walked 26,589 metres - 87th of 1,000 delegates who participated in a charity walk. The winner did 63k</p><p class="block-time published-time"> <time datetime="2015-01-24T10:38:33.768Z">10.38am <span class="timezone">GMT</span></time> </p><p><strong>Back inside WEF, Melinda Gates is telling delegates that you could boost Africa’s GDP by 12% by giving women “parity of employment.”</strong></p><p>And the key to improving gender equality in the developing world is to ensure that money passes to women.</p><p>If you invest in a woman you invest in everyone else. She is the centre of the family: Melinda French Gates <a href="https://twitter.com/hashtag/wef15?src=hash">#wef15</a> <a href="http://t.co/M2YbjVDtE2">http://t.co/M2YbjVDtE2</a></p><p>Incredible....<a href="https://twitter.com/Davos">@Davos</a>: Cut number of children dying under age of 5 by half since 1990: Melinda French Gates <a href="https://twitter.com/hashtag/wef15?src=hash">#wef15</a> <a href="http://t.co/RWlnWzNPto">http://t.co/RWlnWzNPto</a>&quot;</p><p class="block-time published-time"> <time datetime="2015-01-24T10:30:35.374Z">10.30am <span class="timezone">GMT</span></time> </p><p>Outside the conference hall, the task of packing up is beginning.</p><p>Aberdeen Asset Management is clearing out of its prime spot on the Promenade. Locals may be relieved; Aberdeen have stationed a bagpiper outside the stand all week to serenade passer-bys. (<a href="http://www.theguardian.com/business/2015/jan/23/davos-diary-2015-day-3-andrew-important-vip-draghi-putin">see our Davos Diary for a Vine of him in action</a>)<br /></p><p>They're packing up the <a href="https://twitter.com/AberdeenAssetUK">@AberdeenAssetUK</a> cafe in <a href="https://twitter.com/hashtag/Davos?src=hash">#Davos</a>. It will be a crystal shop again next week <a href="http://t.co/YO5XYLssLs">pic.twitter.com/YO5XYLssLs</a></p><p class="block-time published-time"> <time datetime="2015-01-24T10:16:14.585Z">10.16am <span class="timezone">GMT</span></time> </p><p><strong>Estonian president Toomas Hendrik Ilves has defended telling his citizens to</strong><strong> put sticky tape over the webcams on their computers to thwart hackers.</strong></p><p>My domestic newspapers laughed at me and made me look like an idiot. I said “tape over the camera”....and they went &lt;he chuckles&gt;. And, yeah, well....&lt;shrug&gt;.</p><p>I smile, I smile to the camera.</p><p class="block-time published-time"> <time datetime="2015-01-24T09:30:26.686Z">9.30am <span class="timezone">GMT</span></time> </p><p><strong>Toomas Hendrik Ilves</strong>, the president of the Estonia, is also speaking on the cybercrime panel at Davos.<br /></p><p>He urges users to upgrade old systems:</p><p>If you’ve still got Windows XP, you’re in trouble....It’s like Swiss cheese.</p><p class="block-time published-time"> <time datetime="2015-01-24T09:16:49.819Z">9.16am <span class="timezone">GMT</span></time> </p><p><strong>The recent Sony hack shows the perils of not setting up your security properly, Kaspersky adds.</strong></p><p>It seems that it was not a very sophisticated attack. The enterprise was protected, but it was not protected in the right way.</p><p>And now, unfortunately, the evolution of cybercrime has come to a level where they are very professional. And they develop extremely complicated, highly professional attacks, and that makes my work more difficult.</p><p class="block-time published-time"> <time datetime="2015-01-24T08:59:42.639Z">8.59am <span class="timezone">GMT</span></time> </p><p><em>But how can a user actually be sure that a security product is only doing what it should?</em></p><p><strong>Eugene Kaspersky</strong> says that individuals can check their web traffic to see if anything unusual is happening.</p><p>If you’re a state you are welcome to come to our company and check the source code.</p><p class="block-time published-time"> <time datetime="2015-01-24T08:56:35.715Z">8.56am <span class="timezone">GMT</span></time> </p><p><strong>Russian security expert Eugene Kaspersky is speaking on the cybercrime panel now.</strong></p><p>He cites Smart TVs are the next target for hackers.<br /></p><p>Unfortunately, my business is very good</p><p>Yes, I use my products on my computers, and I’m completely connected.</p><p class="block-time published-time"> <time datetime="2015-01-24T08:53:01.326Z">8.53am <span class="timezone">GMT</span></time> </p><p>Not many takers for cybersecurity session <a href="https://twitter.com/Davos">@davos</a> despite presence of <a href="https://twitter.com/e_kaspersky">@e_kaspersky</a>. Davos Saturday = skiing</p><p class="block-time published-time"> <time datetime="2015-01-24T08:44:10.685Z">8.44am <span class="timezone">GMT</span></time> </p><p>Davos would have been better this year if three people had joined the throng -- <strong>Thomas Piketty</strong>, <strong>Mario Draghi</strong> and <strong>Vladimir Putin</strong>.</p><p> They’re all had better things to do this week, which is a shame as collectively they have set the debate this year.</p><p class="block-time published-time"> <time datetime="2015-01-24T08:42:03.114Z">8.42am <span class="timezone">GMT</span></time> </p><p><strong>It’s been clear this week that some of our readers have a pretty mediocre view of Davos. </strong></p><p>The whole concept of powerful people gathering to “improve the state of the world”, or fret about problems which are either beyond their control..or their fault, certainly grates with some.</p><p>There was nobody at this year’s WEF, for example, arguing that Europe would be better off without the euro. Nobody gives it to the status quo with both barrels. Al Gore on climate change was as radical as it got.</p><p>This groupthink is potentially dangerous but perhaps inevitable. For Davos man and woman, life is pretty sweet. Which is why there are some who say the true motto of the WEF should be: committed to improving the state of the world provided nothing much changes.</p><p>Is Davos just an excuse for the 1% to have a bonding session? | Larry Elliott <a href="http://t.co/5OxYeNaJKv">http://t.co/5OxYeNaJKv</a></p><p class="block-time published-time"> <time datetime="2015-01-24T08:28:10.721Z">8.28am <span class="timezone">GMT</span></time> </p><p><strong>Good morning from Davos.</strong> It’s the fourth and final day of the World Economic Forum, the annual shindig of leaders, businesspeople, campaigners and economists.</p> <a href="http://www.theguardian.com/business/live/2015/jan/24/davos-2015-day-four-live">Continue reading...</a>Davos 2015DavosBusinessMark CarneyCybercrimeSat, 24 Jan 2015 18:41:14 GMThttp://www.theguardian.com/business/live/2015/jan/24/davos-2015-day-four-livePhotograph: Ruben Sprich/ReutersBank of England governor Mark Carney at Davos.Photograph: Ruben Sprich/ReutersBank of England governor Mark Carney at Davos.Photograph: ZUMA/REX/ZUMA/REXSnowmen decked out in various country flag scarfs, in Davos, Switzerland during the World Economic Forum.Photograph: ZUMA/REX/ZUMA/REXSnowmen decked out in various country flag scarfs, in Davos, Switzerland during the World Economic Forum.Graeme Wearden in Davos2015-01-24T18:41:14ZDavos: Mark Carney calls for tech sector to show ‘responsibility’ over taxhttp://www.theguardian.com/business/2015/jan/23/davos-mark-carney-tech-tax-inequality
‘The amount of tax they pay is small in relation to the system,’ Bank of England governor says<p>The governor of the Bank of England, Mark Carney, challenged the world’s big technology companies to pay more tax as he stressed the perils of growing inequality at the World Economic Forum, in Davos.</p><p>Carney said IT companies needed to show a greater sense of responsibility. “Some of the firms that take advantage of international tax rules are the tech companies,” he said. “The amount of tax they pay is small in relation to the system. A sense of responsibility is needed.”</p> <a href="http://www.theguardian.com/business/2015/jan/23/davos-mark-carney-tech-tax-inequality">Continue reading...</a>Davos 2015Mark CarneyDavosTechnology sectorCorporate governanceTax avoidanceBusinessGoogleTechnologyFri, 23 Jan 2015 10:48:09 GMThttp://www.theguardian.com/business/2015/jan/23/davos-mark-carney-tech-tax-inequalityPhotograph: Jean-Christophe Bott/EPAMark Carney, governor of the Bank of England, and Christine Lagarde, head of the IMF, at a panel session of the World Economic Forum, in Davos, Switzerland.Photograph: Jean-Christophe Bott/EPAMark Carney, governor of the Bank of England, and Christine Lagarde, head of the IMF, at a panel session of the World Economic Forum, in Davos, Switzerland.Larry Elliott and Jill Treanor in Davos2015-01-23T10:48:09ZOn the Davos agenda: from Al Gore on global warming to fears over eurozonehttp://www.theguardian.com/business/2015/jan/18/davos-agenda-al-gore-pharrell-williams-ebola-climate-change-oil
<p>Leaders and celebrities flock to Switzerland to discuss Ebola, oil and banks at World Economic Forum</p><p>Snow on the roofs of the ski chalets at the upmarket ski resort may be one of the defining images of Davos, but it will be the warming of the planet that is at the top of the issues under discussion at the World Economic Forum.</p><p>In the kind of speaking double act beloved of the event’s organisers, Al Gore, the former US vice-president, who has described <a href="http://www.theguardian.com/business/2015/jan/18/seven-themes-dominate-davos-climate-change-political-instability-2015">climate change as “the biggest challenge our civilisation faces”</a>, will discuss the subject alongside Pharrell Williams. The pop star, who reached No 1 with Happy, is appearing as creative director of Bionic Yarn, a company that turns fibres from recycled plastic into durable textiles.</p> <a href="http://www.theguardian.com/business/2015/jan/18/davos-agenda-al-gore-pharrell-williams-ebola-climate-change-oil">Continue reading...</a>DavosBusinessDavos 2015Al GoreUS newsPharrell WilliamsMusicClimate changeEnvironmentIslamic State (Isis)World newsAbdel Fatah al-SisiKing AbdullahPetro PoroshenkoUkraineEuropeAngela MerkelFrançois HollandeMatteo RenziTony BlairPoliticsEbolaKofi AnnanWorld Health OrganisationSocietyHealthSwitzerlandMark CarneyMario DraghiSun, 18 Jan 2015 23:45:07 GMThttp://www.theguardian.com/business/2015/jan/18/davos-agenda-al-gore-pharrell-williams-ebola-climate-change-oilPhotograph: /Gustavo PapaleoPop star Pharrell Williams will join former US vice-president Al Gore at Davos to discuss climate change. Photograph: Gustavo PapaleoPhotograph: /Gustavo PapaleoPop star Pharrell Williams will join former US vice-president Al Gore at Davos to discuss climate change. Photograph: Gustavo PapaleoGraeme Weardenand Jill Treanor2015-01-18T23:45:07ZOil price crash threatens the future of the North Sea oilfieldshttp://www.theguardian.com/business/2015/jan/14/oil-price-slump-could-threaten-north-sea-oilfields
Scottish government pledges to try to preserve offshore energy sector jobs, with prices having fallen 60% in the last six months<p>The potential impact of the oil price slump on Scotland was underlined as a leading energy expert warned on Wednesday that North Sea oilfields could be shut down if the oil price fell by just a few more dollars.</p><p>The rising sense of crisis about the plummeting price – which has fallen 60% in the last six months – prompted the Scottish government to promise an emergency taskforce to try to preserve jobs in the offshore energy sector.</p> <a href="http://www.theguardian.com/business/2015/jan/14/oil-price-slump-could-threaten-north-sea-oilfields">Continue reading...</a>OilCommoditiesBusinessOil and gas companiesEnergy industryScotlandUK newsMark CarneyBank of EnglandRoyal Dutch ShellBPChevronEconomic growth (GDP)EconomicsGeorge OsborneLabourScottish National party (SNP)PoliticsWed, 14 Jan 2015 20:44:53 GMThttp://www.theguardian.com/business/2015/jan/14/oil-price-slump-could-threaten-north-sea-oilfieldsPhotograph: Sean Smith/GuardianAre the lights set to go out for oil production in the North Sea? Analysts claim it could happen if the oil price drops by just a few more dollars. Photograph: Sean Smith for the GuardianPhotograph: Sean Smith/GuardianAre the lights set to go out for oil production in the North Sea? Analysts claim it could happen if the oil price drops by just a few more dollars. Photograph: Sean Smith for the GuardianTerry Macalister and Jill Treanor2015-01-14T20:44:53ZMarkets tumble after World Bank warns of global slowdownhttp://www.theguardian.com/business/2015/jan/14/markets-tumble-after-world-bank-warns-global-slowdown
Banks and mining firms lead stock market falls as poor sales data in US compounds fears of global economic problems<p>Shares and commodity prices tumbled on Wednesday as markets reacted to warnings from the World Bank of a slowdown in global growth this year and next.</p><p>The FTSE 100 closed down 2.2% to 6388, dragged down by heavy falls for mining companies that supply the copper, zinc and nickel needed by Chinese and US manufacturers.</p> <a href="http://www.theguardian.com/business/2015/jan/14/markets-tumble-after-world-bank-warns-global-slowdown">Continue reading...</a>Stock marketsBusinessWorld BankWorld newsEconomicsGlobal economyEurozone crisisEuropean monetary unionBankingEuropean banksFinancial crisisEuroEuropeChinaAsia PacificUS newsGermanyFranceMiningCommoditiesOilEuropean Central BankQuantitative easingBank of EnglandMark CarneyGreeceWed, 14 Jan 2015 19:28:48 GMThttp://www.theguardian.com/business/2015/jan/14/markets-tumble-after-world-bank-warns-global-slowdownPhotograph: MAXIM Maxim Shemetov/ReutersThe fall in commodities prices such as copper and oil is spooking world markets.Photograph: MAXIM Maxim Shemetov/ReutersThe fall in commodities prices such as copper and oil is spooking world markets.Phillip Inman and Jill Treanor2015-01-14T19:28:48ZInflation is low and heading lower - but don’t bank on deflationhttp://www.theguardian.com/business/economics-blog/2015/jan/13/inflation-heading-lower-but-dont-bank-deflation
Prolonged deflation is unlikely because it is fuelled by a freefalling oil price and a supermarket price war<p>Inflation in the UK <a href="http://www.theguardian.com/business/2015/jan/13/uk-inflation-falls-14-year-low-half-a-percent" title="">is low and it is going lower</a>. The chances of a period of falling prices has increased sharply after the Office for National Statistics said the cost of living as measured by the consumer prices index (CPI) was just 0.5% higher in December than it was a year earlier. It seems the clock is being turned back to those times – long periods of the 19th&nbsp;century and the interwar decades – when deflation was a feature of the economic landscape.</p><p>At least for the time being. <a href="http://www.theguardian.com/business/2015/jan/12/oil-slump-uk-petrol-prices-fall" title="">Fresh falls in the price of oil</a>, which has been trading as low as $45 a barrel, and the weakness of producer prices (the cost of goods as they leave factories) means that it is now quite conceivable that inflation will turn negative in the next couple of months. Even so, the risk of a prolonged period of deflation still looks relatively slim.</p> <a href="http://www.theguardian.com/business/economics-blog/2015/jan/13/inflation-heading-lower-but-dont-bank-deflation">Continue reading...</a>InflationEconomicsBusinessDeflationEconomic growth (GDP)Economic policyPoliticsEconomic recoveryMark CarneyBank of EnglandTue, 13 Jan 2015 10:39:55 GMThttp://www.theguardian.com/business/economics-blog/2015/jan/13/inflation-heading-lower-but-dont-bank-deflationPhotograph: Bloomberg via Getty ImagesRetail discounting and the fall in the oil price is fuelling the inflation dip.Photograph: Bloomberg via Getty ImagesRetail discounting and the fall in the oil price is fuelling the inflation dip.Larry Elliott, economics editor2015-01-13T10:39:55ZBank governor may be forced to write open letter explaining low inflationhttp://www.theguardian.com/business/2015/jan/12/bank-governor-forced-letter-explain-low-inflation
<p>Oil price slump and retail price war may cut inflation to as low as 0.7% making Mark Carney the first governor since 1997 to write formal explanation</p><p>Mark Carney finds out this week if he will be the first governor since Bank of England independence in 1997 to write an open letter to the chancellor explaining why inflation is so low.</p><p>An oil market slump, a supermarket price war and a freeze on household utility bills is widely expected to have brought December inflation down below 1% for the first time since June 2002.</p> <a href="http://www.theguardian.com/business/2015/jan/12/bank-governor-forced-letter-explain-low-inflation">Continue reading...</a>InflationEconomicsBusinessMark CarneyBank of EnglandGeorge OsbornePoliticsConsumer spendingConsumer affairsEconomic growth (GDP)Economic policyEconomic recoveryMon, 12 Jan 2015 00:01:03 GMThttp://www.theguardian.com/business/2015/jan/12/bank-governor-forced-letter-explain-low-inflationPhotograph: Nick Ansell/PAEconomists believe inflation could have dipped to as low as 0.7% in December 2014.Photograph: Nick Ansell/PAEconomists believe inflation could have dipped to as low as 0.7% in December 2014.Katie Allen2015-01-12T00:01:03ZShop prices fell in every month of 2014 as deflation continueshttp://www.theguardian.com/business/2015/jan/07/shop-price-fall-oil-deflation-british-retail-consortium
Tumbling oil prices will continue affecting shops for some time, says British Retail Consortium<p>Prices in UK shops fell in every month of 2014, according to an industry group that predicts tumbling oil prices will continue the deflationary pattern this year.</p><p>The British Retail Consortium’s latest figures show <a href="http://www.theguardian.com/business/2014/oct/08/competition-prices-uk-shops-fall-almost-2pc-september" title="">shop prices fell again</a> in December on a year earlier, the 20th consecutive month of deflation.</p> <a href="http://www.theguardian.com/business/2015/jan/07/shop-price-fall-oil-deflation-british-retail-consortium">Continue reading...</a>CommoditiesBusinessOilRetail industryDeflationEconomicsEconomic growth (GDP)George OsbornePoliticsMark CarneyInflationBank of EnglandUK newsWed, 07 Jan 2015 00:04:05 GMThttp://www.theguardian.com/business/2015/jan/07/shop-price-fall-oil-deflation-british-retail-consortiumPhotograph: Teri Pengilley for the GuardianShoppers on Boxing Day last year. Tumbling oil prices have seen shop prices fall. Photograph: Teri Pengilley for the GuardianPhotograph: Teri Pengilley for the GuardianShoppers on Boxing Day last year. Tumbling oil prices have seen shop prices fall. Photograph: Teri Pengilley for the GuardianKatie Allen2015-01-07T00:04:05ZGeorge Osborne fires warning shot over tumbling oil priceshttp://www.theguardian.com/politics/2015/jan/06/george-osborne-warning-shot-falling-oil-prices-consumers
Chancellor rebuffs Labour party attacks with call for firms to pass on benefits of plunging oil costs to customers<p>George Osborne sought to fend off a political onslaught from Labour over tumbling oil prices by insisting big British companies should pass on the benefits to their customers.</p><p>With the cost of living set to be a big election battleground, the chancellor fired off a warning shot at energy companies, fuel retailers and airlines.</p> <a href="http://www.theguardian.com/politics/2015/jan/06/george-osborne-warning-shot-falling-oil-prices-consumers">Continue reading...</a>George OsborneOilCommoditiesBusinessOil and gas companiesEnergy industryPoliticsConservativesLabourUK newsMark CarneyJim MurphyTue, 06 Jan 2015 21:06:22 GMThttp://www.theguardian.com/politics/2015/jan/06/george-osborne-warning-shot-falling-oil-prices-consumersPhotograph: Christopher Furlong/Getty ImagesAn oil refinery in Grangemouth: George Osborne’s comments came as oil prices fell towards $50 a barrel, fanning fears about a fresh global economic slowdown in 2015. Photograph: Christopher Furlong/Getty ImagesPhotograph: Christopher Furlong/Getty ImagesAn oil refinery in Grangemouth: George Osborne’s comments came as oil prices fell towards $50 a barrel, fanning fears about a fresh global economic slowdown in 2015. Photograph: Christopher Furlong/Getty ImagesKatie Allen, Rowena Mason, and Angela Monaghan2015-01-06T21:06:22Z